Contributing Employers in Florida to Pay Federal Interest Assessment

Florida has borrowed $1.8 billion from the Federal Unemployment Trust fund to pay unemployment compensation benefits. As of November 2010, the state’s trust fund had dropped to zero.

Typically a state will increase its unemployment wage limit and employer experience rates to help rebuild the state’s trust fund and ultimately repay the Federal Unemployment Trust Fund. However, the state did not follow this process and did not raise the rates or the limits in 2010 or 2011.

As a result the Federal government is sending out notices to all employers in the state about a special interest assessment. All contributing employers will pay a proportionate share of the federal interest payment - indicated on their notice and due by June 30, 2011.